Oman is aiming to boost investment into the country with schemes including a golden residency programme, digital registration options and incentives for high-performing Omani companies.
The sultanate's Ministry of Commerce, Industry and Investment Promotion will launch a golden residency programme for investors on August 31, the Oman News Agency reported on Saturday.
It will also launch a service for companies to permit the online transfer of commercial registration through the Oman Business platform, as well as Al Majida Companies initiative, aimed at supporting high-performing Omani companies to expand locally and globally through incentives and facilities.
The launches will take place at an event in Salalah, where the ministry also plans to sign co-operation agreements with Sultan Qaboos University, the German University of Technology, the Oman Energy Association, and Binaa Professional Services Company to develop the construction sector, ONA reported.
The initiatives are aimed at positioning Oman as a global investment destination by providing investors with opportunities for long-term growth and stability, said Mubarak Al Dohani, director general of planning at the ministry.
The ministry is aiming to make all commercial transactions digital, reducing time and costs for investors, he added.
Oman, like its peers in the Gulf, has been taking steps to diversify its economy away from oil, with investments in logistics, manufacturing, property and other sectors, to expand its non-oil economic base.
Under its economic and social reforms programme, the sultanate aims to reduce its dependence on oil income by 15 per of its gross domestic product by 2030 and further reduce it by 18 per cent by 2040.
It also announced the introduction of personal income tax starting in 2028, with a 5 per cent rate of tax on annual income exceeding 42,000 Omani rials ($109,134).
The International Monetary Fund projects Oman’s economy to expand by 2.4 per cent in 2025 and 3.7 per cent in 2026, boosted by non-hydrocarbon activity especially in manufacturing and services.
Golden visa schemes
As part of their economic diversification efforts, countries across the Gulf have been launching reforms to attract more investment, including long-term residency schemes.
Oman currently offers two investment residency programmes through real estate, commercial investment and long-term bank deposits on a renewable five and ten-year basis subject to criteria, according to the ministry's Invest Oman platform.
Those making an investment of at least 500,000 Omani rials in a limited liability company, public joint-stock company or government bonds, or buying a property in the sultanate to that value, are eligible for a 10-year visa that can be extended.
The visa is also offered to those who establish a company employing a minimum of 50 Omani nationals.
The fee for the visa is 551 rials.
Meanwhile, those investing 250,000 rials in a limited liability company or public joint-stock company, or buying a property for that value, are eligible for a five-year visa.
Expatriates living in Oman who wish to retire in the sultanate can also obtain an extended five-year residence permit by providing evidence of fixed income of at least 4,000 rials a month.
The applicant will need to pay 326 rials for the visa.
The UAE also launched long-term residence visas in 2019. They enable foreigners to live, work and study in the UAE without the need for a national sponsor. These visas can be issued for five or 10 years and are renewed automatically. The visa has no restrictions on travelling in and out of the country and can also cover spouses, children and parents to enjoy the same benefits.
An investor can acquire property, through various means, valued at Dh2 million or more to qualify for the golden visa. You can meet the threshold either with a single property or by combining several. Professionals based in the UAE will also qualify for the golden visa if they have a basic monthly salary of Dh30,000 ($8,168), excluding allowances.
Bahrain also approved the golden residency visa programme in 2022. The visa gives the holder the right to work in Bahrain, residency benefits for a spouse and other close family members and unlimited entry and exit to the country. To qualify for the visa, an applicant must have resided in Bahrain for five years and must earn an average salary of at least 2,000 Bahraini dinars ($5,306) per month.
Residents and non-residents who own property worth 200,000 dinars or more, retirees with an income of 4,000 dinars and highly talented people are also eligible for the visa. The visa is renewed every 10 years if the holder meets the eligibility requirements.
